The firm said it lowered its rating for the designer apparel company due to concerns over Ralph Lauren's earnings growth.
"Accelerated SG&A [spending] will persist longer than we had previously expected, and margin expansion will be delayed into FY'16 or even FY'17, suggesting sub-10% earnings growth for three years-running," Credit Suisse said.
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"We expect the multiple to remain under pressure for the next 12-months and we now view this as a long range stock following 18-months of relative underperformance," the firm added.
Separately, TheStreet Ratings team rates RALPH LAUREN CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate RALPH LAUREN CORP (RL) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow."